On July 1, 2020, Concord Corporation purchased Young Company by paying $258,200 cash and issuing a $141,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,600 Accounts payable $207,000 Accounts receivable 91,800 Stockholders' equity 244,600 Inventory 109,000 $451,600 Land 41,700 Buildings (net) 75,600 Equipment (net) 70,900 Trademarks 12,000 $451,600 The recorded amounts all approximate current values except for land (fair value of $60,500), inventory (fair value of $126,400), and trademarks (fair value of $17.360). On July 1, 2020, Concord Corporation purchased Young Company by paying $258,200 cash and issuing a $141,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,600 Accounts payable $207,000 Accounts receivable 91,800 Stockholders' equity 244,600 Inventory 109,000 $451,600 Land 41,700 Buildings (net) 75,600 Equipment (net) 70,900 Trademarks 12,000 $451,600 The recorded amounts all approximate current values except for land (fair value of $60,500), inventory (fair value of $126,400), and trademarks (fair value of $17.360)